Last Updated on October 27, 2026 10:21 pm by INDIAN AWAAZ
Broader markets outperform; Mankind Pharma, OneSource Specialty Pharma and Sona BLW rally on earnings; BLS Polymers IPO subscribed 9.35 times
By Our Business Correspondent
Indian equity benchmarks ended marginally lower on Tuesday (Oct 27) as volatility on the monthly derivatives expiry day, elevated crude oil prices, geopolitical tensions and caution ahead of the US Federal Reserve’s policy decision kept investors on the sidelines. However, buying in mid-cap and small-cap stocks supported the broader market, while media, realty and pharmaceutical shares led sectoral gains.
The S&P BSE Sensex declined 8.08 points, or 0.01%, to settle at 73,598.67. The NSE Nifty 50 slipped 3.45 points, or 0.02%, to close at 22,749.75.
Despite the subdued performance of the benchmark indices, market breadth remained positive, indicating that buying interest extended beyond heavyweight stocks. The Nifty MidCap 150 index advanced 1.01%, while the Nifty SmallCap 250 index gained 2.01%.
On the BSE, 2,946 shares advanced, 1,370 declined and 241 remained unchanged.
Media stocks led sectoral gains, followed by realty and pharmaceutical shares. Information technology, oil and gas, and private banking stocks came under pressure. State Bank of India, ICICI Bank and HDFC Bank were among the major drags on the Nifty, falling 1.63%, 1.15% and 1.14%, respectively.
The contrasting performance of frontline and broader-market indices suggested that investors continued to look for opportunities in individual stocks despite uncertainty over the global macroeconomic outlook. Strong quarterly earnings and company-specific developments supported several counters, although expensive crude oil and currency weakness remained concerns for the domestic market.
Crude oil and currency movements remain in focus
Elevated energy prices continued to be an important concern for investors, given India’s dependence on imported crude oil and the potential implications for inflation, the current account and corporate margins.
Brent crude futures for December 2026 delivery rose 45 cents, or 0.39%, to $116.26 a barrel. Sustained increases in oil prices can raise input and transportation costs for companies while complicating the inflation outlook.
In the foreign exchange market, the rupee edged lower to 95.1950 against the US dollar from its previous close of 95.1500. A weaker rupee can increase the domestic cost of imported commodities, including crude oil, although it may benefit some export-oriented businesses.
The US Dollar Index, which measures the greenback against a basket of major currencies, rose 0.26% to 102.22.
India’s 10-year benchmark government bond yield increased to 7.487% from 7.482% in the previous session. In the US, the 10-year Treasury yield advanced 0.04% to 4.984%, according to the supplied market data.
Meanwhile, MCX gold futures for delivery on December 4, 2026, fell 0.51% to Rs 1,42,350.
Investors remained cautious ahead of the Federal Reserve’s policy decision, with the outlook for interest rates, inflation and global liquidity likely to influence emerging-market flows. Higher US bond yields and a stronger dollar can make dollar-denominated assets more attractive relative to emerging-market investments.
Global markets mixed; technology shares attract attention
Global equities presented a mixed picture as investors weighed geopolitical risks, elevated energy prices and the outlook for monetary policy against optimism surrounding artificial intelligence and corporate earnings.
Dow futures rose 141 points, signalling a positive opening for US equities. Most European indices advanced during the session as investors assessed developments in the Middle East and prepared for major technology earnings and central bank decisions.
Asian markets closed mixed. News concerning Anthropic’s planned initial public offering renewed investor interest in artificial intelligence-related businesses ahead of a busy week of corporate earnings.
Wall Street had ended higher on Monday, October 26. The Dow Jones Industrial Average rose 146.42 points, or 0.28%, to 52,361.58. The S&P 500 gained 53.09 points, or 0.70%, to 7,676.77, while the Nasdaq Composite advanced 214.04 points, or 0.83%, to 26,169.38.
The Philadelphia Semiconductor Index climbed 2.8%, its strongest one-day gain in a month, as chip-related shares led the recovery. The technology sector advanced 1.5%, outperforming the other major sectors of the S&P 500.
Developments surrounding Anthropic highlighted both the growth potential and financial challenges of the AI industry. The company’s filing reportedly showed rapid revenue expansion alongside substantial expenditure on computing infrastructure and dependence on cloud-service providers. The disclosure also drew attention to risks associated with AI safety and the costs of developing advanced systems.
Among individual US stocks, Lumentum gained about 8%, while Coherent rose around 6%. Tesla advanced 5.2% following an upgrade by Barclays.
Meta Platforms declined 1.9% after announcing plans to raise up to $95 billion through equity offerings to finance its AI infrastructure expansion. The proposed fundraising includes approximately $35 billion through public offerings and a separate share-sale programme of up to $60 billion. The plans highlighted investor scrutiny of the financing requirements associated with large-scale AI investment.
Economic indicators from the US offered mixed signals. The Dallas Federal Reserve’s general business activity index rose to 13.4 in October from 9.8 in September, exceeding the consensus forecast of 8.8. However, the production index fell to 15.8 from 29.5, while the new-orders index declined to 9.3 from 30.7.
The raw-materials price index increased to 55.3 from 52.2, indicating continued input-cost pressures among surveyed businesses.
Separately, preliminary data from the Bank of Korea showed that South Korea’s economy grew 3.4% year on year in the third quarter of 2026, compared with 3.7% in the previous quarter. Quarter-on-quarter growth accelerated to 1% from 0.6%. Semiconductor exports and investment in production equipment supported growth, while private consumption declined 0.2% sequentially.
Earnings and order wins drive stock-specific action
Company results and business announcements triggered sharp movements in several Indian stocks, reinforcing the importance of earnings visibility in a market where benchmark indices remained largely unchanged.
Maruti Suzuki India rose 2.05% despite reporting a 26.89% year-on-year decline in consolidated net profit to Rs 2,414.9 crore for the second quarter of FY27, compared with Rs 3,302.8 crore a year earlier. Net sales increased 26.09% to a record Rs 50,615.5 crore from Rs 40,135.8 crore. Operating profit fell 17.10% to Rs 2,803.7 crore from Rs 3,382 crore, with the company citing commodity-cost pressures associated with the West Asia conflict.
Cipla declined 0.37% after its consolidated profit attributable to shareholders fell 35% year on year to Rs 878 crore in Q2 FY27 from Rs 1,351 crore. Revenue from operations decreased 2.44% to Rs 7,404 crore from Rs 7,589 crore.
Mankind Pharma surged 8.24% after reporting a 37.7% increase in profit after tax to Rs 716 crore from Rs 520 crore. Revenue from operations rose 17.3% to Rs 4,338 crore from Rs 3,697 crore. Sequentially, profit increased 24.7%, while revenue advanced 7.6%.
OneSource Specialty Pharma jumped 13.78% after adjusted net profit more than doubled year on year to Rs 93.7 crore from Rs 44.9 crore. Revenue climbed 37.39% to Rs 516.24 crore from Rs 375.76 crore. Compared with the preceding quarter, adjusted profit rose 47.25% and revenue increased 14.97%.
Aequs tumbled 9.61% despite a 45.27% year-on-year increase in revenue from operations to Rs 409.07 crore. Its consolidated net loss widened to Rs 52.39 crore from Rs 20.59 crore in the year-ago quarter, reflecting the contrast between revenue growth and profitability.
Sona BLW Precision Forgings advanced 8.95% after reporting an adjusted net profit of Rs 223.4 crore, up 28.38% from Rs 174.02 crore a year earlier. Revenue increased 34.93% to Rs 1,535.84 crore. Both profit and revenue reached record levels, according to the company.
Order announcements also supported selected stocks. VA Tech Wabag gained 7.55% after securing a major contract from Reliance Industries for a desalination plant and remineralisation facility in Jamnagar, Gujarat.
Valiant Communications rose 15.06% after announcing a domestic order worth Rs 14.76 crore, inclusive of taxes, for grid communication and grid protection solutions.
IPO market: BLS Polymers issue subscribed 9.35 times
Subscription trends among the three ongoing public issues varied considerably on Tuesday, according to stock exchange data available at 4:39 pm IST.
BLS Polymers attracted the strongest demand, receiving bids for 11.13 crore shares against 1.19 crore shares on offer, translating into subscription of 9.35 times. The issue opened on October 27 and will close on October 29. The price band is Rs 142–150 per share, with a minimum application of 100 shares and multiples thereafter.
EAAA India Alternatives received bids for 14,86,143 shares against 52,99,684 shares on offer, representing subscription of 0.28 times. The issue opened on October 26 and will close on October 28. Its price band is Rs 1,585–1,665 per share, with a minimum application of nine shares and multiples thereafter.
SFC Environmental Technologies received bids for 13,42,035 shares against 1,41,59,744 shares on offer, translating into subscription of 0.09 times. The issue opened on October 27 and will close on October 29. The price band is Rs 313–330 per share, with a minimum application of 45 shares and multiples thereafter.
The divergent subscription levels indicate differing investor responses to the three offerings. Final demand, however, will depend on participation through the remaining bidding periods and the allocation available to different investor categories.
Market outlook
The session reflected a market divided between caution over global macroeconomic risks and selective optimism over domestic corporate earnings. While the Sensex and Nifty remained virtually unchanged, strong advances in mid-cap and small-cap indices pointed to continued activity beyond heavyweight stocks.
Going forward, crude oil prices, movements in the rupee, the Federal Reserve’s policy signals and quarterly earnings are likely to remain important factors for investors. The sustainability of broader-market gains will also depend on earnings growth, valuations and the extent to which companies can manage input costs.
Disclaimer: This report is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct independent research and consult a qualified financial adviser before making investment decisions.